Recent content by drumtraks

Very interesting topic. If not for anything but the novelty and creativity of the OP.

FAB

I mean exactly what I have written on my original question. What happens if a company does not do anything different than what it has always done so far? This means just probably internal accounting or no accounting, no tax returns, no anything.

Can someone enlighten me about what happens if an FZCO does absolutely nothing? Will it not be compliant or will it be compliant but treated as a mainland company?

I'm confused about something. According to what I've seen so far, non-qualifying FZ entities that have revenue < 50 Mil and taxable income under 375k are not required to pay CIT and not even prepare audited financial statements. Is this true? If so, how can the taxman know you're really telling...

My two cents about buying property for investment is only if you can get off-plan discounts and you flip it quickly. I would never hold property in Dubai as the market volatility is too much for me, but hey, that's for me. Be aware of shady agents who will promise the world. Quality is absolute...

How is your FZ company being affected by CIT?

All of this is correct although I would strongly suggest you open a company in a favorable jurisdiction in EU which would allow you to pay only 5% CT plus if you’re smart about your accounting you’ll deduct 100% of anything spent with the properties, lowering this number. Then you send the money...

Never had any problems with N26 although never done transfers bigger than 50k. Has instant SEPA and decent customer support.

Your country rules for tax residency are usually written, especially if you’re from the EU. I have moved to the UAE and have asked the tax authority before doing so. As a rule of thumb on any EU country, if you’re outside of your country more than half of the year and you don’t have a permanent...

I find it amazing how financially literate people keep doing the mistake of concentrating assets in one bank alone. Especially startups.

As I said before when investing your company assets there is absolutely no problem trading. Not sure why you keep coming to this. If you want to have your sole formal trade license for this kind of activity you should be informed that this is the license used for using someone else’s money, such...

Agreed with everything said above. I’ll just add one more reason you might want a company: if you’re from a “difficult” country you might want to present a tax residency certificate and it’s easier if you have a good old fashion salary.

zaybxc, short answer: No. I believe the exact question was "We intend to have some exposure to crypto and put some of our assets into a crypto exchange. Can we withdraw the money we do from trading back into our business bank account?" There is no law that prohibits a company from...

I've bluntedly asked this in writing to 2 banks and the answer was "Absolutely no problem" in both cases (UAE FZ with consulting/management license). The company is investing its own money, the bank couldn't care less. Day trading or holding it a year won't matter. This changes if you're...